JLL’s U.S. Construction Outlook reports that construction activity is expected to grow this year, but at a slower rate than 2015 which was a banner year for post-recession construction activity.

Office completions are near pre-recession numbers as projects started in 2014 come to market, with more expected to deliver in 2016.

Primary tech markets, such as San Francisco and Silicon Valley, are experiencing some of the highest construction costs nationally.

Declining energy prices began to negatively impact construction at the end of 2015. That was especially pronounced in markets such as Houston, while sublease space reached record highs.

Renovation activity reached new highs in 2015, as companies created sustainable office developments geared to attract and retain a millennial workforce, as well as achieve corporate social responsibility initiatives.